State of Alaska Department of Revenue Has $9.57 Million Stock Holdings in Garmin Ltd. $GRMN

State of Alaska Department of Revenue lifted its position in shares of Garmin Ltd. (NYSE:GRMN) by 28.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,882 shares of the scientific and technical instruments company’s stock after purchasing an additional 8,634 shares during the quarter. State of Alaska Department of Revenue’s holdings in Garmin were worth $9,572,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in GRMN. Nisa Investment Advisors LLC raised its stake in Garmin by 5.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 28,404 shares of the scientific and technical instruments company’s stock worth $6,994,000 after buying an additional 1,466 shares during the period. Venturi Wealth Management LLC acquired a new position in Garmin in the third quarter valued at about $224,000. Benjamin Edwards Inc. increased its holdings in shares of Garmin by 3.5% in the third quarter. Benjamin Edwards Inc. now owns 38,663 shares of the scientific and technical instruments company’s stock worth $9,522,000 after acquiring an additional 1,295 shares in the last quarter. HB Wealth Management LLC raised its position in shares of Garmin by 5.6% during the third quarter. HB Wealth Management LLC now owns 6,217 shares of the scientific and technical instruments company’s stock worth $1,531,000 after purchasing an additional 331 shares during the period. Finally, Caldwell Trust Co raised its position in shares of Garmin by 30.7% during the third quarter. Caldwell Trust Co now owns 980 shares of the scientific and technical instruments company’s stock worth $241,000 after purchasing an additional 230 shares during the period. Institutional investors and hedge funds own 81.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on GRMN shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a research report on Wednesday, October 8th. Barclays lifted their price target on shares of Garmin from $167.00 to $208.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. Longbow Research raised shares of Garmin from a “neutral” rating to a “buy” rating and set a $250.00 price objective for the company in a research report on Wednesday, December 3rd. Morgan Stanley raised their price objective on shares of Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. Finally, Tigress Financial reaffirmed a “strong-buy” rating on shares of Garmin in a research report on Friday, December 19th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $242.60.

Insider Transactions at Garmin

In other news, CFO Douglas G. Boessen sold 2,485 shares of the firm’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $206.26, for a total value of $512,556.10. Following the completion of the transaction, the chief financial officer owned 28,916 shares in the company, valued at $5,964,214.16. This trade represents a 7.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Clifton A. Pemble sold 10,431 shares of the company’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $206.23, for a total value of $2,151,185.13. Following the sale, the chief executive officer owned 135,180 shares in the company, valued at $27,878,171.40. The trade was a 7.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 16,594 shares of company stock worth $3,437,592 in the last three months. Insiders own 15.38% of the company’s stock.

Garmin Stock Down 0.5%

Shares of GRMN opened at $212.33 on Friday. Garmin Ltd. has a twelve month low of $169.26 and a twelve month high of $261.69. The stock has a market capitalization of $40.84 billion, a P/E ratio of 26.15, a P/E/G ratio of 2.26 and a beta of 1.00. The company has a 50 day moving average of $201.61 and a 200-day moving average of $222.41.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 EPS for the quarter, hitting the consensus estimate of $1.99. The business had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.78 billion. Garmin had a net margin of 22.63% and a return on equity of 19.42%. The firm’s revenue was up 11.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.99 earnings per share. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. On average, sell-side analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Company Profile

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.